The PM SVANidhi Scheme is a government initiative that helps street vendors access affordable working capital loans to restart or grow their business. Many vendors face challenges in getting credit from banks, and this scheme makes it easier by offering collateral-free loans with low interest and subsidies. If you’re a street vendor looking for financial support, here’s a step-by-step guide to applying for the PM SVANidhi Scheme online.
PM SVANidhi Scheme – Quick Recap
The scheme was introduced by the Ministry of Housing and Urban Affairs (MoHUA) to support street vendors affected by the pandemic and to promote the adoption of digital transactions. It offers loans in three stages:
- First Loan: ₹10,000 (repayable in 1 year)
- Second Loan: ₹20,000 (after successful repayment of the first loan)
- Third Loan: ₹50,000 (for consistent borrowers with good repayment history)
This progressive loan structure ensures that vendors who repay on time can access higher amounts to expand their businesses further.
What is the PM SVANidhi Scheme?
Launched in June 2020, the Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme provides street vendors with working capital loans to sustain their livelihoods. The loans are:
- Collateral-free – no security required.
- Subsidized – 7% annual interest subsidy credited directly to your account.
- Digital payment rewards – cashback incentives for vendors using digital transactions.
Who Can Apply?
Street vendors operating in urban areas are eligible if:
- They possess a valid Certificate of Vending or Identity Card issued by the Urban Local Body (ULB).
- If not, they can apply with a Letter of Recommendation (LoR) from the ULB.
- Vendors affected by COVID-19 or in need of working capital for their small business.
Also Read: How to secure MSME Loan without Collateral
Documents Required
Before starting your online application, keep these ready:
- Aadhaar card
- Voter ID or any other government-issued ID
- Certificate of Vending / Identity Card / LoR
- Bank account details
- Recent passport-size photograph
Step-by-Step Guide to Apply Online
Here’s how you can apply for the PM SVANidhi Scheme on the official portal:
- Visit the Official Website
Go to pmsvanidhi.mohua.gov.in. - Click on “Apply for Loan”
You’ll see different loan options—select the one that applies to you. - Register with Your Mobile Number
Enter your Aadhaar-linked mobile number and verify with OTP. - Fill in the Application Form
Provide details such as name, address, Aadhaar number, business information, and bank account details. - Upload Documents
Attach scanned copies of required documents like Aadhaar, ID proof, and certificate/LoR. - Submit Application
Once submitted, your application will be reviewed and forwarded to the lending institution. - Track Status
You can check your application status anytime on the same portal using your application ID.
Why Apply Online Through 24hrLoan?
At 24hrLoan, we connect you not only with government-backed schemes like PM SVANidhi but also with multiple lenders who can provide additional financial options if you need quicker or higher funding. With us, you get:
- Multiple lender choices in one place
- Faster approval and disbursal support
- Guidance through the online loan application process
Also Read: Best Business Credit Cards in India
Conclusion
The PM SVANidhi Scheme is a lifeline for street vendors who need quick working capital to keep their businesses running. Applying online is simple if you have the right documents and follow the steps carefully. And if you want more flexible loan options, 24hrLoan can help you compare offers from multiple lenders to choose the best deal for your needs.